Hong Kong is finalizing the development of a comprehensive legal framework for the digital asset sector, aiming to become a global Web3 hub. Regulators have concluded public consultations on governance and advisory services in the virtual asset space, receiving 51 submissions from market participants. The majority of respondents supported the creation of a licensing regime similar to the requirements for traditional securities.
Authorities plan to introduce the relevant bill to the Legislative Council before the end of this year. This initiative represents the final stage of building a system that covers trading, issuance, custodial services, and consulting. The new rules are based on the principle of "same business, same risks, same rules," which should ensure market reliability and resilience comparable to traditional finance.
Special attention is paid to investor protection and the prevention of illicit activities. Licensed entities are required to comply with strict capital, internal control, and anti-money laundering standards. Once the law is passed, Hong Kong is expected to strengthen its position as a jurisdiction with clear and predictable conditions for working with digital assets, attracting international companies and fostering the development of an innovative economy.